000			01001pab a2200157 454500
008			180718b2000 xxu||||| |||| 00| 0 eng d
100			_aWalsh, Carl E.
245			_aMarket discipline and monetary policy
260			_c2000
300			_ap.249-71
362			_aApr
520			_aThe effects of forward looking expectations of future inflation on equilibrium inflation and interest rates are examined within an imperfect information framework. Expectations of future inflation affect equilibrium in a manner similar to an increase in the central bank's weight on future social welfare, making it more likely an opportunistic central bank will actually deliver on its announced inflation targets, and output expansions can arise even if the central banker is revealed to be a low inflation type. The model also illustrates the channels through which inflation scares raise current real interest rates. - Reproduced
650			_aMonetary policy
773			_aOxford Economic Papers
909			_a44755
999			_c44755 _d44755